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Verizon to eliminate almost 5,000 employees in nearly $2 billion cost-cutting move
Over half of the employees concerned will exit in September and the rest by the end of March, according to the statement.
As part of other continuing restructuring initiatives, Verizon said it plans to cease use of some real estate assets and exit non-strategic portions of certain businesses. Last week Verizon agreed to pay$9.6 billion for Frontier Communications Parent, adding 2.2 million fiber subscribers across 25 states. In July, Verizon reported second-quarter operating revenue that missed analysts’ estimates as fewer people upgraded wireless equipment.
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